Clothing & Shoes
The latest news, updates and analysis on the clothing and shoes segment of the the UK retail industry. Sign up to the Daily Briefing and let Retail Sector’s business journalists keep you in the picture.
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Apr- 2021 -8 April
Asos profits rocket 253% amid lockdown
Asos has announced that its pre-tax profits rocketed 253% to £106.4m in the half-year ended 28 February 2021, as customers continued to turn to online shopping amid the pandemic. The group witnessed a sales growth of 25% across the period, reflecting a strong performance underpinned by “excellent” operational delivery, whilst…
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7 April
VF subsidiary begins operations at fulfilment centre
VF Corporation, through its local subsidiary VF Northern Europe Limited, has announced that it has begun operations at its fulfilment centre in Bardon, Leicestershire, which will employ approximately 250 people during peak periods. The corporation owns brands such as The North Face, Timberland, Horace Small, Vans, Eastpak and Kipling. The…
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6 April
Peacocks rescued from administration, 2,000 jobs saved
Peacocks has reportedly been rescued out of administration in a move that will save 2,000 jobs and 200 of its 400 stores, according to Sky News. The fashion business has been saved by an international consortium, led by former chief operating officer, Steve Simpson. The chain was previously part of…
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1 April
Next raises guidance despite seeing profits halve
Next has increased its forecasted profits for 2022 by £30m, despite seeing its profit before tax falling 53% year-on-year to £342m for the year ended January 2021. The decline in profits was driven by store closures throughout “a significant portion” of the period, as total group sales dropped 17% to…
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Mar- 2021 -31 March
H&M swings to £92m pre-tax loss in Q1
H&M has announced it has swung to a pre-tax loss of SEK 1.1bn (£92m) in its first quarter trading update ending 28 February 2021. As the group continues to be affected by the Covid-19 pandemic, at the most, it saw around 36% of its total number of stores (1,800 stores)…
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29 March
Garry Weber appoints new CEO
Garry Weber has announced the appointment of Angelika Schindler-Obenhaus as CEO, whose role will take effect from the end of the corporation’s 2021 annual general assembly. Schindler-Obenhaus will succeed her predecessor Alexander Gedat, who assumed the role temporarily in February 2020. She has been a member of the board since…
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26 March
Fat Face reveals it was a victim of a cyber attack
Fat Face has revealed it was the subject of an IT hack on 17 January 2021, where it is believed an “unauthorised third party” accessed staff and customer information. The retailer said following an “exercise involving data analysis and categorisation”, it is now contacting a select number of employees, former…
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25 March
Foot Locker appoints new executive VP and CFO
Foot Locker has announced the appointment of Andrew E. Page as executive VP and CFO, effective April 12, 2021. Page will join the retailer from Advance Auto Parts, where he served as senior VP chief accounting officer and controller, bringing nearly 30 years of finance and accounting experience in retail,…
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25 March
H&M and Nike face ‘backlash’ in China over Xinjiang cotton labour concerns
Nike and H&M are reportedly facing a “backlash” in China after both groups outlined their concerns regarding the Xinjiang cotton trade and suspected forced labour claims. Many Chinese celebrities and online platforms have since dropped H&M and Nike over their stance, according to the BBC. In one instance, actor Wang…
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25 March
Boohoo cuts ties with number of suppliers
Boohoo has published details of its UK manufacturers and new sustainability strategy, marking a key milestone in the group’s ‘Agenda for Change’ programme, whilst noting it has cut ties with a number of suppliers that did not meet its transparency targets. The group confirmed that it has ceased doing business…
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